Merritt Properties announced April 14 that it bought Beach Commerce Center, a multitenant industrial property at 11840 Beach Blvd., for $7 million.
Baltimore-based Merritt Properties said the sale, completed April 9, adds to its footprint in the Southside submarket.
The company said the 46,000-square-foot property is zoned Industrial Business Park and offers showroom, warehouse and distribution space across multiple suites. The property is south of Beach Boulevard, west of Central Parkway and east of Interstate 295.
The deed recorded with the Duval County Clerk of Court shows that Merritt-JABB LLC of Baltimore bought the property from EastGroup Properties L.P., of Orlando.
Daniel Burkhardt and Alex Caliel of NAI Hallmark represented the seller.
The Duval County Property Appraiser shows the building, on 3.64 acres, was built in 2000.
“Beach Commerce Center is a great addition to our Jacksonville portfolio, offering highly functional, small-bay space in a well-established corridor along Beach Boulevard,” Pat Franklin of Merritt Properties said in the news release announcing the acquisition.
“With its existing tenancy and prime location, the property is well-positioned to meet the continued demand for light industrial and showroom space,” he said.
Merritt said the surrounding area is seeing strong demand for small-bay industrial and flex space, “driven by nearby residential growth and proximity to destinations such as St. Johns Town Center.”
Merritt said Beach Commerce Center is 75% occupied by tenants that include The Floor Club, Urban Technologies and FL Furniture.
The release said the purchase marks another step in Merritt Properties’ Jacksonville expansion. The company owns and operates Merritt at Gate Parkway, Imeson Landing Business Park and Magnolia Park, as well as land for the development of Oakleaf Commerce Center.
Merritt said it continues to pursue additional development opportunities throughout Northeast Florida.